Short sales & Pre-Foreclosure

Short sales and pre-foreclosure help in Illinois

If you're behind on payments or owe more than your home is worth, selling before a foreclosure is completed can protect your credit and any equity you have. I help homeowners understand their options and handle the lender approval process for short sales.

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  • Daniel EllingtonLicensed Illinois Real Estate Broker
  • Infiniti PropertiesBrokerage since 1991, Homewood office
  • IL License #475211812Chicagoland and throughout Illinois

Who this is for

Homeowners behind on payments

Owners who've received notices or fallen behind.

Underwater homeowners

Owners who owe more than the home will sell for.

Owners facing life changes

Job loss, divorce, relocation, or medical costs.

How it works

  1. Review your situation Loan balance, payments owed, value, and timeline.
  2. Explore all options Sale, short sale, loan modification, or other relief.
  3. List and get an offer Price realistically and secure a buyer.
  4. Lender approval and close Submit the short sale package and close.

What I do for you

  • Honest assessment of what your home will sell for
  • Experience assembling short sale packages for lenders
  • Persistence with lender negotiators
  • Coordination with your attorney and HUD-approved counselors
  • Discreet, judgment-free service

Act early

Illinois uses a court-based foreclosure process, which gives homeowners time to explore options, but that time goes quickly. Contacting your lender early and speaking with a HUD-approved housing counselor and a real estate attorney can open more options.

In a short sale, the lender agrees to accept less than the full balance. Ask your attorney whether the lender will waive the remaining balance, and talk to a tax advisor about whether any forgiven debt could be taxable.

Common questions

What is a short sale?

A sale where your lender agrees to accept less than the full mortgage balance. The lender must approve the buyer and the price.

Can I sell if I'm behind on payments?

Often, yes. If you have equity, a regular sale may pay off the loan and arrears. If not, a short sale may be possible.

How long does a short sale take?

Lender approval often takes several weeks to a few months. Starting early gives you the best chance.

Will a short sale hurt my credit?

It affects your credit, but usually less than a completed foreclosure. Ask a credit or housing counselor about your situation.

Do I owe anything after a short sale?

It depends on the lender's approval terms. Some lenders waive the remaining balance and some don't. Have your attorney review the approval letter.

This page is general information, not legal, tax, or lending advice. Consult a real estate attorney, CPA, or lender about your situation.

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Overview

Let's talk privately about your options

Call or text Daniel directly, or send a message. Most inquiries get a same-day response.

708-625-8788
Infiniti Properties, 2401 183rd St, Homewood, IL 60430
Brokerage 708-206-3000  |  IL License #475211812

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What Our Clients Say About Us

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Daniel Ellington: Chicago’s Best Real Estate Broker
4.8 (19)
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Adam Bevan
Adam Bevan
11 months ago

Dan was an excellent representative for us and I wouldn't hesitate to work with him again

Lorenzo Douglas
Lorenzo Douglas
8 months ago

Daniel has been amazing for me as an out of state investors. Very response, pretty decent comps. He's gone above and beyond for me.

Jared Rowntree
Jared Rowntree
7 months ago

Daniel was absolutely phenomenal during our house hunt and closing. Any time an issue came up, Daniel took it in stride and helped everybody involved to have a smooth process. He is wildly friendly and knowledgeable, and was invaluable to us as First Time Homebuyers; he kept us informed and up to date the second anything changed. I wouldn’t hesitate to hire Daniel again for my next house, and the next ones after that.

Michael Van Kley
Michael Van Kley
4 months ago

Daniel was great. I would use him again.

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